Hot Tax Topics with Rebecca Benneyworth

Objectives

This session will highlight key tax topics to be aware of as we arrive at the mid point of the tax year. The content will be wide-ranging and will include any topic that Rebecca thinks will be of relevance to those working in tax in the small or medium sized practice. Suitable strategies and practical tips will be highlighted and you will leave the session ready to support you clients with effective advice.

Key topics

MTD – Key principles

• Overview – the bare bones of MTD

Who is affected?

• Income limits and income reducing
• Income thresholds – calculating ‘Gross income’
• New sources
• Digitally excluded persons
• Other exclusions
• Other exemptions
• Notifying affected taxpayers
• Signing clients up

What must they do?

• Keep digital records
• Make quarterly submissions
• Content of quarterly submissions
• Jointly let property
• Quarterly submissions – practical points
• Finalisation – filing the tax return

Joining Testing – getting ready

• Choosing clients for testing
• Accounting software
• Client readiness

Readiness checklist

• Basis period reform – ongoing issues
• Spreading rule
• Identifying the transitional amount remaining
• Electing to pay tax on additional amounts during the spreading period
• Cessation of the business during the spreading period
• Accounting date other than 31 March

Incorporation – The end?

• The background
• Comparative calculations
• Marginal rates of (combined) tax on dividends
• In Scotland

IHT proposals – 2026 and 2027

• Restriction of Business Property Relief (BPR) & Agricultural Property Relief (APR)
• IHT on unused pension pots and death benefits

Powers to deal with tax agents

• Agent registration
• Conduct of tax agents

Small businesses and the Tax Gap

• Associated companies - Compliance effort
• Measuring the tax gap and the role of small companies

Who should attend

Any professional staff working in tax.